About: A RBI working Group on digital lending, including lending through online platforms and mobile apps, has stumbled upon more than 600 illegal loan operating in India.
Android Apps: These apps, which are not under any regulatory body, charge high interest. Gain access to phone data and users are harassed and abused if payments are missed.
Increasing Complaints: An RBI complaints portal receives 2,562 complaints on such loan apps from Jan 2020-Mar 2021. The most number of complaints were from Maharashtra.
Report Findings: Working Group found out the existence of over 1,100 unique loan apps that could be searched through key words such as Loan, Instant Loan and Quick Loan.
Report Observation: Majority complaints pertain to lending apps promoted by entities not regulated by the RBI such as companies other than NBFCs incorporated bodies and individual.
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